Lyft Seeks to Raise $1 Billion As It Continues to Battle Uber

SAN FRANCISCO, CA - JANUARY 21: A Lyft car drives along Montgomery Street on January 21, 2014 in San Francisco, California. As ridesharing services like Lyft, Uber and Sidecar become more popular, the San Francisco Cab Driver Association is reporting that nearly one third of San Francisco's licensed taxi drivers have stopped driving taxis and have started to drive for the ridesharing services. (Photo by Justin Sullivan/Getty Images)

The ride-hailing competition in the U.S. is showing no sign of cooling off.

Uber’s biggest rival in the U.S., Lyft, is seeking to raise up to $1 billion in new funding, according to documents filed in Delaware on Friday first obtained by Bloomberg. Lyft was previously rumored to be raising half as much cash, according a New York Times report in mid-November.

Lyft valuation will undoubtedly be higher than the $2.5 billion value it made public when it raised its last round in March, although by exactly how much is still unclear. In November, it was said to be seeking a $4 billion valuation—a fraction of Uber’s current valuation of $52 billion. According to experts Bloomberg spoke to, it could be anywhere from $3.9 billion to $4.5 billion. The legal document lists the price of the company’s preferred stock at $26.79, Bloomberg reports, up from its previous price of $19.44, per one expert.